In a bid to increase Nigeria’s crude oil production and bolster national revenue, the Nigerian Content Development and Monitoring Board (NCDMB) has proposed an annual “FID Week” dedicated to securing final investment decisions (FIDs) on new oil and gas projects. The proposal was unveiled by NCDMB’s Executive Secretary, Engr. Felix Omatsola Ogbe, during the 2024 African Energy Week in Cape Town, South Africa.
Final investment decisions represent the critical go-ahead for project funding and development. Ogbe believes that setting aside a specific week each year for FID signings could encourage international and local companies, as well as regulators, to expedite project approvals and funding commitments. He suggested that the FID Week could be incorporated into established oil and gas industry conferences to enhance participation and visibility.
Ogbe shared that discussions around this proposal have already been held with the Special Adviser on Energy to the President, Mrs. Olu Verheijen, and leaders from the Nigerian National Petroleum Company Limited (NNPC), among others. The initiative aims to counter the decline in FIDs and stimulate new projects in Nigeria’s oil and gas sector, which has seen a downturn in production and, consequently, revenue.
Represented by Engr. Abayomi Bamidele, Director of NCDMB’s Projects Certification and Authorization Division, Ogbe noted that annual FID approvals would generate essential momentum in the local service industry and foster economic growth. He recommended that Nigeria’s oil sector target at least one major project FID per year to drive local activity and increase both crude oil and gas output.
Ogbe also emphasized NCDMB’s alignment with recent Presidential Directives on expediting contracting processes, minimizing inefficiencies, and bolstering local content. He disclosed that the NCDMB had recently applied these directives in approving five new projects, anticipated to deliver 1 billion standard cubic feet of gas per day and 350 million barrels of crude oil per day.
Reaffirming NCDMB’s commitment to sustainable local content, Ogbe called for cross-sectoral support, stressing that national content development must become a priority for governments, businesses, and citizens alike.
